Wells Fargo & Company Has Lowered Expectations for Acelyrin (NASDAQ:SLRN) Stock Price

Acelyrin (NASDAQ:SLRN) had its target price lowered by analysts at Wells Fargo & Company from $15.00 to $13.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 267.23% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. HC Wainwright restated a “neutral” rating and issued a $8.00 price objective on shares of Acelyrin in a report on Wednesday. Piper Sandler lowered their price target on shares of Acelyrin from $68.00 to $20.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Finally, Morgan Stanley reduced their price objective on Acelyrin from $13.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th.

Acelyrin Stock Performance

Shares of NASDAQ:SLRN opened at $3.54 on Wednesday. The firm has a market capitalization of $355.15 million, a PE ratio of -1.44 and a beta of 1.61. Acelyrin has a 52-week low of $3.18 and a 52-week high of $8.89. The firm has a fifty day moving average of $5.21 and a 200 day moving average of $5.00.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its position in Acelyrin by 16.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,769 shares of the company’s stock valued at $131,000 after buying an additional 4,163 shares during the period. US Bancorp DE boosted its holdings in shares of Acelyrin by 77.1% during the third quarter. US Bancorp DE now owns 16,854 shares of the company’s stock worth $83,000 after purchasing an additional 7,336 shares during the period. China Universal Asset Management Co. Ltd. raised its position in Acelyrin by 65.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 19,196 shares of the company’s stock valued at $95,000 after purchasing an additional 7,560 shares during the last quarter. Virtu Financial LLC bought a new position in Acelyrin during the 3rd quarter valued at approximately $50,000. Finally, HighTower Advisors LLC purchased a new stake in Acelyrin in the 3rd quarter worth approximately $50,000. 87.31% of the stock is owned by hedge funds and other institutional investors.

About Acelyrin

Acelyrin, Inc, a clinical biopharma company, focuses on identifying, acquiring, and accelerating the development and commercialization of transformative medicines. The company's lead product candidate is izokibep, a small protein therapeutic designed to inhibit IL-17A with high potency, which is in Phase 3 clinical trials for use in the treatment of Hidradenitis Suppurativa, Psoriatic Arthritis, and uveitis, as well as in Phase 2 clinical trials for use in the treatment of Axial Spondyloarthritis.